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VCGuy

Believe me, itโ€™s not...ย โ€ขย 10m

A few days ago, Flipkart introduced its new UPI service, Supermoney. โฎ๏ธThe interesting part: Let's go back a few years - Dec, 2015: 3 former Flipkart exec's start PhonePe. Apr, 2016: Flipkart acquires PhonePe for $20 M. Aug, 2018: Walmart acquires a 77% stake in Flipkart for $16 B, at a valuation of ~$20 B Dec, 2020: Walmart leads a $700 M direct investment in PhonePe and flipkart announces the spin-off of PhonePe Dec, 2022: Flipkart completes the transfer of its full stake in PhonePe to parent Walmart Returning to the present: Flipkart launches Supermoney UPI. UPI transactions clocked a record last month processing 14.04 B transactions worth โ‚น20.45 trillion. ๐Ÿ’ธFlipkart's UPI strategy seems to mirror the initial approach of Google Pay, focusing on offering real cashback rewards. The market share of UPI apps is currently at -> - PhonePe, 48.9% - GooglePay, 37.7% - Paytm, 8.3% - Cred, Amazon Pay, and others at 5.1% ๐Ÿ’กIt will be interesting to see how things unfold, especially with NPCI's 30% market share cap deadline approaching in December 2024. ๐Ÿง I couldn't find good examples of companies with the same parent targeting exactly the same market. Let me know if you know of any!

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